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The bandwagon trade just two months ago was that we will hit $ 60, but now $ 35 is looking like more of a reality, we're in a vicious cycle, with no sign of this glut in oil products disappearing anytime soon, while any cutback by refiners is backing up crude into the system. This tells me the rally is over.
It certainly looks like the bulls had shot themselves in the foot ahead of the rally, as we were in risk-off mood until Wednesday when oil and commodities were off-favor, that said, the price rally since looks kind of overdone too, as we still have record inventories in crude oil, regardless what near-term bullish factors show.
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